Seattle Cuts REET Forecast by $19.5MM in Sixth Straight Downgrade as Rising Rates Squeeze Property Sales

Seattle's revenue forecasters pared back the city's three-year real estate excise tax outlook for the sixth consecutive time, warning that stubborn inflation, a renewed Federal Reserve tightening cycle and a construction slowdown tied to empty office space could drain far more from the property-driven revenue stream if the economy slips into recession.